[Jbmw21]

Hey fellow members what are Financing Rates looking like for the M2. Interest rates are threw the Roof… just curious thanks

[Ctothej]

Through*

[RockCrusher]

As of April 26, 2023, the average APRs according to a Bankrate study are the following:

36 months: 6.50%
48 months: 6.54%
60 months: 6.58%

The few times I have considered financing a new car I checked with my bank and got a quote for a loan.

In one case I discussed an auto loan using some of the money I had on deposit at the bank as collateral and got a real low rate. 'course, if the money is pledged as collateral for a loan it is not readily accessible but I don't recall the details.

If you qualify for membership in a credit union these often offer the best -- lowest -- car loan interest rates.

Don't know where I first came across this but if financing a new vehicle purchase one has to shop credit rates as thoroughly (at least) as he does vehicles.

Start with your bank would be my suggestion. Or start with a different financial institution or credit union and get a quote or two then give your bank a chance to beat those quotes to get your business.

You can also see what BMW might offer in the way of financing.

A caution. If you shop interest rates be careful about credit checks. My info is a number of these all grouped together can lower one's credit score and thus affect what interest rate -- and not in a good way -- you will be offered.

Oh, and one time I was buying a new car and curious I looked into a new car loan. The dealer did some sort of query and printed out the info. There was kind of coolness in the air after the salesman/sales manager looked at the info. Something was said about a low credit score. I already knew my score and asked to see the info. It was not my info. Apparently some stale credit report printout was left on the printer and this was what the salesman grabbed along with my report. The bad one happened to be on top. Curiosity satisfied I just paid cash.

Which reminds me of yet another time when my credit score was obtained and the salesman made a observation about how high it was. Caught the sale manager shooting the salesman a dirty look.

Just highlights you have to know what your credit score is. And you need to be aware of what can send it lower thus costing you more money if you finance.

[c1pher]

4.54% at NFCU for 36 months
4.49% at Pentagon FCU for 36 months
5.14% at USAA for 36 months
4.99% at Langley FCU for 36 months

[RockCrusher]

Originally Posted by c1pher

4.54% at NFCU for 36 months
4.49% at Pentagon FCU for 36 months
5.14% at USAA for 36 months
4.99% at Langley FCU for 36 months

It pays to research/shop. Those are better numbers than BankRate.com had.

Added: Oh, I think those are CU interest rates. So yeah, CUs are way better.

[pdx_m3r]

BMW FS was at 6.49% for 72 months and only slightly better for 60 months....

[M_Power Rob]

Originally Posted by RockCrusher

It pays to research/shop. Those are better numbers than BankRate.com had.

Added: Oh, I think those are CU interest rates. So yeah, CUs are way better.

Some CUs have stipulations to be members. Payments can also be a pain unless you use the CU as your institution (not always so check if/when applying).

[ModernAngel]

4.9% for 60 months from BMW FS last week.

[cmgbk75]

Originally Posted by ModernAngel

4.9% for 60 months from BMW FS last week.

It does depend on your region. Compared to NY, this was on par for Super Elite in March but April went higher. May numbers probably come out today or tomorrow. Also, note that BMWFS is only locking in rates for 45 days now, down from 90 in March. And of course your Center could add on a point to BMWFS sell rates.

Definitely shop around Banks, CUs AND Centers.

[m20e3087]

I would check with local CUs.

[VIERsr]

0.90% 48 months, 56% residual.
Just for comparison.

[SPDandPWR75]

Monthly lease prices?

[Rx-7ames]

Originally Posted by ModernAngel

4.9% for 60 months from BMW FS last week.

This is the buy rate. Dealerships can add 1% to this, which is still better than most other lenders. I would guess that most dealerships are selling at 5.9 to make a little extra profit.

[Ravenseal]

Planning on getting 5.25% through USAA. Still the highest rate I've ever had on a car loan. Some of my previous loans were 0.99 or 1.99%...kinda sucks.

[CodeSlinger]

Got locked in for 5.99% for 60 months. Sounds like that's the full 1% markup above the buy rate. I'm going to be shopping around with Credit Unions to see how much they can beat it by and then either go with them or try to get BMW FS down closer to the buy rate.

The credit unions I know of that offer lower rates are:

* ussfcu.org - 60 month @ 3.74% - (anyone can get membership, once I'm a member I'll apply for the loan to see where I end up)

* massbaycu.org - 60 month @ 4.49% - (I have a loan through them already, I was gonna try to go with them but they have a max of auto loans per customer of $80k which I'll be a bit over)

* dcu.org - 65 month @ 5.74% - (not much lower than BMW but already a member so I can get an easy approval to see if the dealer can match it)

[JustinHEMI]

I know everyone can't use NFCU but that's who I use for every car.

I did 4.54% at 36 months.

My other car with them is .99.

[cmgbk75]

Originally Posted by JustinHEMI

I know everyone can't use NFCU but that's who I use for every car.

I did 4.54% at 36 months.

My other car with them is .99.

Man I miss those days when banks used to give away loans. Fed rates are going up again this afternoon. June numbers could be even higher, though I know BMW likes to move inventory before the new model year, so maybe they’ll chill, but no reason to on the M2. My amateur Finance hat says this will be the last hike, through the summer, at least. Obviously have to hope the bumps continue to work as intended…

[Squidget]

Originally Posted by JustinHEMI

I know everyone can't use NFCU but that's who I use for every car.

I did 4.54% at 36 months.

My other car with them is .99.

I caaaaan! And as soon as I get within 30 days of purchase I'll absolutely be calling them.

[LCDRJohn]

same here, NFCU has usually been about 0.4% lower than USAA.

My lowest with them was 2.99% and I am jealous as hell seeing the 0.99! LOL!

[rcouchh]

6% across the board in PA

[menikmati]

Originally Posted by JustinHEMI

I know everyone can't use NFCU but that's who I use for every car.

I did 4.54% at 36 months.

My other car with them is .99.

As someone who is unfamiliar with NFCU but is considering looking into them, how easy is it to make payments and do they have a pre-payment penalty?

[JustinHEMI]

Originally Posted by menikmati

As someone who is unfamiliar with NFCU but is considering looking into them, how easy is it to make payments and do they have a pre-payment penalty?

Extremely easy. You can set up an auto pay schedule to suit your needs. Mine pays every two weeks. No pre payment penalty.